{"id":606340,"date":"2023-09-14T00:00:00","date_gmt":"2023-09-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/14\/the-government-is-extending-its-land-for-fx-scheme-for-another-6-months-plus-avanz-capital-is-planning-fresh-investment-in-egypt\/"},"modified":"2023-09-14T00:00:00","modified_gmt":"2023-09-14T00:00:00","slug":"the-government-is-extending-its-land-for-fx-scheme-for-another-6-months-plus-avanz-capital-is-planning-fresh-investment-in-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/14\/the-government-is-extending-its-land-for-fx-scheme-for-another-6-months-plus-avanz-capital-is-planning-fresh-investment-in-egypt\/","title":{"rendered":"The government is extending its land-for-FX scheme for another 6 months. PLUS: Avanz Capital is planning fresh investment in Egypt"},"content":{"rendered":"

REGULATION- <\/strong><\/p>\n

Gov\u2019t extends land-for-FX initiative: <\/strong>The New Urban Communities Authority (NUCA) will extend the government\u2019s land-for-FX initiative<\/a> for six months, Housing Minister Assem El Gazzar said in a s<\/a> tatem<\/a> ent<\/a> yesterday. The NUCA has so far allocated 219 plots of lands for foreign investors under the initiative, which allows foreign investors to bid for state-owned land in exchange for hard currency, the minister said. El Gazzar did not disclose the USD value of the land sold.<\/p>\n

INVESTMENT- <\/strong><\/p>\n

Avanz plans fresh investment: <\/strong> Private equity firm Avanz Capital<\/a> plans to invest more than EGP 450 mn in Egyptian firms, A<\/a> l M<\/a> al<\/a> quotes Managing Director Haitham Wajih as saying. The company is in advanced talks to invest EGP 200 mn into two investment funds, and will deploy an additional EGP 250 mn in three more companies by early 2024, Wajih said.<\/p>\n

TRADE- <\/strong><\/p>\n

More measures to unclog Egypt-Sudan border traffic: <\/strong> Transport Minister Kamal El Wazir and his Sudanese counterpart agreed to establish logistics zones in Aswan and Wadi Halfa, Sudan to unclog truck traffic at the Arqin and Qastal border crossings between the two countries, a ministry sta<\/a> tem<\/a> ent<\/a>. This comes a few days after Egypt said<\/a> it had created two mini logistics zones in Wadi Karkar and Abu Simbel to reduce the truck and vehicle pile up at the crossings.<\/p>\n","protected":false},"excerpt":{"rendered":"

The initiative is one of many the government has introduced in response to the FX crunch<\/p>\n","protected":false},"author":1,"featured_media":606341,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[111,3049,7324,104,72,2234,879,758],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-606340","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-assem-el-gazzar","tag-avanz-capital-management","tag-economy","tag-enterpriseam","tag-foreign-exchange","tag-new-urban-communities-authority","tag-private-equity","wpautop","entry"],"acf":{"mongo_id":"47945494-769a-40e9-b9df-0d344114686c","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/9\/977.jpg","photo_position":"above","homepage_title":"","full_issue_title":"The government is extending its land-for-FX scheme for another 6 months. 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El-Gazzar, an academic, previously served as deputy\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":572405,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/23\/nuca-to-ease-payment-terms-deadlines-for-new-city-investments\/","url_meta":{"origin":606340,"position":2},"title":"NUCA to ease payment terms, deadlines for new city investments","author":"enterpriseam admin","date":"23 June 2020","format":false,"excerpt":"The New Urban Communities Authority will ease payment terms and deadlines for property developers and investors in new cities, Housing Minister Assem El-Gazzar said. Projects that are due to be delivered on or after 15 March 2020 will see their original completion deadlines stretched by 3 months. A grace period\u2026","rel":"","context":"In "Real Estate + Housing"","block_context":{"text":"Real Estate + Housing","link":"https:\/\/enterpriseam.com\/egypt\/category\/real-estate-housing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":582326,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/07\/nuca-to-offer-cut-price-land-to-investors-paying-up-front-in-fx\/","url_meta":{"origin":606340,"position":3},"title":"NUCA to offer cut-price land to investors paying up front in FX","author":"enterpriseam admin","date":"7 March 2023","format":false,"excerpt":"This is one of many attempts to bring more FX into the country.","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/Zed-city-Sheikh-Zayed-1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":605741,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/05\/egypts-future-credit-rating-agency-2-plus-news-from-midbank-banque-misr-egypt-air-and-more\/","url_meta":{"origin":606340,"position":4},"title":"Egypt\u2019s future credit rating agency #2? PLUS: news from MidBank, Banque Misr, Egypt Air and more","author":"enterpriseam admin","date":"5 September 2023","format":false,"excerpt":"The chairman of MGM Financial and Banking Consultants is partnering with investors to form a rating agency","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/9\/334.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576143,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/11\/nuca-waives-fines-on-late-installments-for-one-month\/","url_meta":{"origin":606340,"position":5},"title":"NUCA waives fines on late installments for one month","author":"enterpriseam admin","date":"11 November 2020","format":false,"excerpt":"Property owners are getting a one-month reprieve from late payment fines for properties developed by the New Urban Communities Authority (NUCA), the Housing Ministry said in a statement. 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